CDA is undervalued?, page-4

CDA is much more cyclical in earnings than the likes of REA, CSL etc
as it's affected by the POG, but it's been helped greatly the past few years by strong rises in POG.
the vast majority of it's earnings are still from gold detectors.
POG ( AUD ) has fallen by 9% so far this year after rising by approx 60% between 2018 - 2020.
earnings and share price plummetted heavily in some previous years such as 2013 - 2014 when POG was very weak.
so I don't think CDA deserves a high PE in the 30's like perhaps REA, CSL etc can.
still a very good company though and I'd be happy to buy at a cheaper price. but not at PE 25+
the market probably also doesn't like the Managing Director retiring and outlook statement about supply chain disruptions due to COVID.